Wednesday, 18 October, 2017

Cigna Calls Off Merger With Anthem

Arthur Frazier | 15 February, 2017, 00:59

"These additional damages include the amount of premium that Cigna shareholders did not realize as a result of the failed merger process". "The company believes strongly in the merits of its case and hopes that this matter is rapidly resolved". The suit seeks declaratory judgment that Cigna has lawfully terminated the merger agreement and that Anthem is not permitted to extend the termination date.

Under terms of its merger agreement with Cigna, the insurer is already expecting a $1.85 billon breakup fee it plans to put toward capital to potentially find another merger.

Aetna jumped 3.2 percent and Humana dipped 0.3 percent.

It was in July 2015 that Aetna agreed to acquire Humana in $37 billion cash and stock deal. Humana said last week that it would give its outlook for this year by February 16.

Both companies would have combined to form the second-largest health insurer in the US. Analysts said the companies could initiate share buybacks to push up their share price or attempt other acquisitions, with both Anthem and Cigna possibly pursuing Humana.

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"We have therefore planned carefully for it, and are fully prepared to continue to go forward as an independent company", Noland said.

Health insurer Anthem has hit back at Cigna after it said it was terminating a merger between the two companies and wants $15bn (£12bn) in fees and damages.

The two deals blocked in federal courts would have melded the nation's five largest insurers into three, with UnitedHealth Group Inc. now the biggest.

Anthem rejected the claim, calling Cigna's "purported" termination of the deal "invalid". U.S. District Judge John Bates said in an opinion filed Monday, Jan. 23, 2017, that he largely agrees with federal regulators who contended that such a combination would hurt competition.

Cigna said it was disappointed in the outcome, but that it had met its obligations under its agreement with Anthem.

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